Four ASX shares that are falling more than most today are listed below. Here's why they are dropping:

Dateline Resources Ltd (ASX: DTR)

The Dateline Resources share price is down 11% to 23.5 cents. This follows the completion of a $25 million institutional placement. These funds were raised at a discount of 21.5 cents per share. The gold and REE explorer's managing director, Stephen Baghdadi, commented: "We are encouraged by the strong support from institutional investors, which validates our strategy at the Colosseum Project. Recent geophysical work has outlined six new gold targets with the same MT signature as the known breccia pipes and confirmed high-priority REE anomalies. With $35 million in funds, we are well positioned to accelerate our dual-track development and demonstrate the significant potential value of the Colosseum."

Fortescue Ltd (ASX: FMG)

The Fortescue share price is down 5% to $18.30. The catalyst for this has been the iron ore giant's shares going ex-dividend for its final dividend of FY 2025. When a share goes ex-dividend, it means the rights to the upcoming payment are settled and new buyers will not be eligible to receive it on pay day. As a result, a share price will tend to decline on the ex-dividend date. Last month, Fortescue released its full year results and declared a fully franked 60 cents per share final dividend. This will be paid to eligible shareholders later this month on 26 September.

Jumbo Interactive Ltd (ASX: JIN)

The Jumbo Interactive share price is down almost 6% to $11.51. This also appears to have been driven by the online lottery ticket seller's shares going ex-dividend this morning. Last month, Jumbo declared a fully franked 30.5 cents per share final dividend. It will be paid to eligible shareholders on 16 September.

Sayona Mining Ltd (ASX: SYA)

The Sayona Mining share price is down almost 8% to 2.4 cents. This is despite the lithium miner announcing the completion of its merger with Piedmont Lithium Inc (ASX: PLL) this morning. Commenting on the merger, Sayona Mining's CEO and managing director, Lucas Dow, said: "Today marks a defining milestone in our Company's journey as we complete the merger with Piedmont Lithium. By uniting two complementary businesses, we have created a stronger, globally significant lithium company with the scale, resources, and partnerships to lead in the energy transition."

The post Why Dateline, Fortescue, Jumbo, and Sayona Mining shares are sinking today appeared first on The Motley Fool Australia.

Shares in the S&P/ASX 300 Index (ASX: XKO) lithium stock closed yesterday trading for 2.2 cents. In morning trade on Friday, shares dipped 2.3% to 2.15 cents but have since recovered to trade flat at the time of writing.

For some context, the ASX 300 is down 0.7% at this same time.

This follows the release of Sayona Mining's half-year results for its North American Lithium (NAL) joint venture. Sayona owns 75% of NAL, while Piedmont Lithium Inc (ASX: PLL) owns the other 25%.

Read on for the highlights covering the six months to 31 December (H1 FY 2025).

Sayona Mining share price in the spotlight

• Revenue of $122 million, up 3% year on year
• Underlying earnings before interest, taxes, depreciation and amortisation (EBITDA) loss of $37 million, up from a loss of $9 million in H1 FY 2024
• Consolidated loss after income tax of $64 million, up from a loss of $33 million in H1 FY 2024
• Net cash flow from operating activities of $19 million, up 158% year on year
• Cash balance as at 31 December of $110 million, down 30%

What else happened during the half?

The Sayona Mining share price is seeking direction, with the miner reporting spodumene concentrate production of 103,063 dry metric tonnes (dmt) over the half, up 57% year on year.

Spodumene concentrate sold totalled 115,027 dmt, up 59% on PCP, with the product delivered to customers in Asia.

The average realised selling price over six months declined 35% to $1,060/dmt.

Unit operating costs per tonne sold came in at $1,303 per dmt during the half year.

On the operational front, Sayona said lithium recoveries at NAL remained consistent throughout the half-year at 67%. That's a 7% improvement from H1 FY 2024.

The six months also saw Sayona Mining complete $13 million in capital projects at NAL, including phase 2 of the Tailings Storage Facility capacity upgrade and other site enhancements.

The Sayona Mining share price could be getting some support, with the company expecting capital expenditure to be lower in the second half of FY 2025 and total capital expenditure in line with full-year guidance of $20 million.

In other big news over the half year, in November, Sayona Mining and Piedmont Lithium announced a definitive merger agreement. That transaction is expected to close in mid-2025. The companies said they anticipate significant synergies by integrating Sayona's production capabilities with Piedmont's market presence in North America.

What did management say?

Commenting on the results that have yet to lift the Sayona Mining share price today, CEO Lucas Dow said:

Sayona is on an exciting growth trajectory, and we are well-positioned to capitalise on the increasing global demand for lithium. Our strategic merger with Piedmont Lithium will create a leading North American lithium producer, unlocking growth opportunities and strengthening our financial position for long-term success…

Despite market fluctuations, Sayona has remained financially resilient, successfully completing a capital raise of $38 million and maintaining a strong cash position. Our disciplined capital allocation strategy ensures we can continue to invest in future growth while delivering value to shareholders.

What's ahead for the Sayona Mining share price?

Looking at what could impact the ASX 300 lithium stock in the months ahead, Sayona Mining reaffirmed its full-year FY 2025 guidance.

The miner expects full-year spodumene concentrate sales of 200,000 dmt to 230,000 dmt, which implies 85,000 dmt to 115,000 dmt in the second half.

Costs are forecast to be in the range of $1,150 to $1,300 per dmt sold.

"With the Piedmont merger further strengthening our asset portfolio, a committed leadership team, and a clear strategy for expansion, we are confident in our ability to drive sustainable growth and cement our position as a key player in the global lithium industry," Dow said.

The Sayona Mining share price is down 45% in a year.

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This ASX lithium stock was once a hot trade for investors looking to add lithium exposure to their ASX share portfolios. This is a company that rose an insane 1,200% in 2021 alone and by another 46% or so in 2022.

However, 2024 was far, far harsher for Sayona investors.

The not-so-good, very-bad year for the Sayona share price

This lithium stock started the year at 7 cents a share. But by the time 2024 wrapped up last month, those shares were worth just 3 cents apiece. That's a drop worth a nasty 57.14%. Additionally, Sayona currently boasts a 52-week high of 7.2 cents and a 52-week low of just 2.2 cents – quite the range.

Check it out for yourself below:

2024 was a horrid year for most ASX lithium shares. Lithium went from a multi-year bull run to dramatically coming off the boil in 2024, with prices experiencing a huge drop.

This has impacted the entire sector, but thanks to Sayona's relatively high production costs and early-stage projects, this company has been hit harder than most.

Investors were also fairly unimpressed with Sayona's plans, announced back in November, to merge with fellow lithium producer Piedmont Lithium Inc (ASX: PLL). This merger was accompanied by the announcement that Sayona would be conducting a $40 million capital raise and a $69 million share placement to help fund the merger.

As we covered at the time, the Sayona share price dropped by a chunky 13% when this plan was revealed, and hasn't recovered since.

So all in all, a horrid year for this ASX lithium stock and its investors.

What's next for this ASX lithium stock?

Whether Sayona's fortunes recover in 2025 will arguably largely depend on what the price of lithium itself does. If prices start recovering,  so too will Sayona's cash flows, which might prompt investors to reassess this company.

At least one ASX expert thinks this is likely. As we discussed last month, experts at both Goldman Sachs and Macquarie are expecting a 2025 rebound in lithium prices. Both experts cited strong expected demand for electric batteries and vehicles for their optimism.

Macquarie even has a buy rating on both Sayona and Piedmont shares.

We'll have to see if 2025 is kinder to these lithium stocks than 2024 was.

The post Down 57%: The Sayona share price's horror 2024 plunge appeared first on The Motley Fool Australia.

Talk of electric vehicle (EV) demand expanding and analysts tipping a brighter outlook for lithium prices in 2025 are direct contrasts to this time 12 months ago.

Consequently, analysts at Macquarie have upgraded the firm's outlook on three prominent ASX lithium stocks to buy ratings.

These are Atlantic Lithium Ltd (ASX: A11), Piedmont Lithium Inc (ASX: PLL), and Sayona Mining Ltd (ASX: SYA). Let's take a closer look

Lithium market and EV outlook: What's driving the rebound?

Lithium prices have taken a beating this year, sliding from highs of CNY 116,500 in May to lows of CNY 71,500 in October.

Part of this was driven by a global oversupply and weak demand for EVs.

But, according to Goldman Sachs, the long-term demand for lithium remains intact, driven by the global EV boom. Part of this stems from the lower cost of batteries (note: all dollar figures below in USD):

Global average battery prices declined from $153 per kilowatt-hour (kWh) in 2022 to $149 in 2023, and they're projected by Goldman Sachs Research to fall to $111 by the close of this year.

Our researchers forecast that average battery prices could fall towards $80/kWh by 2026, amounting to a drop of almost 50% from 2023, a level at which battery electric vehicles would achieve ownership cost parity with gasoline-fueled cars in the US on an unsubsidised basis. 

Meanwhile, analysts at UBS expect spodumene prices, a key lithium raw material, to rise 17% in 2025.

Why Macquarie is bullish on these 3 ASX lithium stocks

Macquarie analysts are equally as bullish on the sector, according to The Australian, rating plenty of ASX lithium stocks a buy in a note to clients this week.

The first is Atlantic Lithium. The company's Ewoyaa Lithium Project in Ghana recently secured a Mine Operating Permit.

With this regulatory milestone achieved, construction of the mine and processing plant is one step closer to reality.

Atlantic is partners with Piedmont Lithium in the project.

Speaking of Piedmont, Macquarie rates it a buy as well from today. The company's North American Lithium (NAL) project set new quarterly records for production and mill utilisation in the three months ending September 30.

According to Piedmont CEO Keith Phillips, the company still managed industry-leading price realisations during the quarter despite the industry "remaining challenging".

Macquarie also rated small-cap lithium player Sayona Mining a buy this week.

Just to clarify, Sayona is currently working through a proposed merger with Piedmont Lithium, a point that's impacted the ASX lithium stock this year.

The combined entity, dubbed "MergeCo," aims to establish North America's largest hard rock lithium producer.

Time will tell if it goes through or not.

Foolish takeout

The lithium sector's fortunes in 2025 hinge on a few key factors: stabilising prices, strong EV demand, and tighter supply-side management, in my view.

Macquarie now has buy ratings on Sayona Mining, Piedmont Lithium and Atlantic Lithium as of this week.

The post 3 ASX lithium stocks primed for an electric performance: Macquarie appeared first on The Motley Fool Australia.

Four ASX shares that are rising more than most today are listed below. Here's why they are climbing:

DroneShield Ltd (ASX: DRO)

The DroneShield share price is up 7% to 77.5 cents. Investors have been buying this counterdrone technology company's shares after it announced a number of key appointments. Commenting on them, DroneShield's CEO, Oleg Vornik, said: "They are world class talent, coming at this important time as counterdrone threats are rapidly growing around the world. They will be involved in ongoing positioning of DroneShield as a pre-eminent defence technology company in Australia and globally. These appointments reflect the significant growth in our capabilities, across business development, technology, and operations."

Imricor Medical Systems Inc (ASX: IMR)

The Imricor Medical Systems share price is up 20% to $1.28. This morning, the medical device company announced a licensing agreement with Switzerland's ADIS. It is a software company that has been working with Imricor to build artificial intelligence (AI) modules to integrate into Imricor's NorthStar 3D mapping system. While not yet approved for commercial sale, regulatory processes are well progressed. As a result, the company is making preparations for planned commercial launches across Europe, the United States, and the Middle East in 2025.

Insurance Australia Group Ltd (ASX: IAG)

The IAG share price is up 3.5% to $8.47. This has been driven by news that the insurance giant has agreed to pay $855 million for 90% of RACQ's existing insurance underwriting business. It also has an option to acquire the remaining 10% in two years on consistent terms. As part of the agreement, the two parties will enter a 25-year exclusive strategic alliance to provide RACQ general insurance products and services for RACQ members and Queenslanders. The transaction will be funded from surplus capital and is expected to be earnings per share accretive in the first full year of ownership.

Sayona Mining Ltd (ASX: SYA)

The Sayona Mining share price is up 3% to 3.3 cents. This follows the release of the lithium miner's annual general meeting presentation. At the event, the company's chair spoke about its proposed merger with Piedmont Lithium (ASX: PLL). He said: "This transaction establishes a North American lithium leader with unrivalled project optionality and a robust pipeline of growth projects. The combination is highly strategic, positioning us as the largest hard rock lithium producer in the region, with immediate opportunities to progress a capital-efficient brownfield expansion of the NAL operation and other projects in the combined portfolio."

The post Why DroneShield, Imricor, IAG, and Sayona Mining shares are roaring higher appeared first on The Motley Fool Australia.

Four ASX shares that are falling more than most today are listed below. Here's why they are dropping:

ASX Ltd (ASX: ASX)

The ASX share price is down 3.5% to $66.77. Investors have been selling the stock exchange operator's shares after it released an update on its troubled CHESS replacement project. It will now do it in two releases, with CHESS Release 2 implementation targeted for 2029 with estimated project costs of between $270 million and $320 million. CEO Helen Lofthouse said: "We continue to prioritise the safe delivery and reliability of the CHESS project. This is reflected in our proposal to implement the project over two releases and to implement Release 2 in 2029, which is expected to allow time for industry preparation and readiness activities following extensive stakeholder engagement."

Commonwealth Bank of Australia (ASX: CBA)

The Commonwealth Bank of Australia share price is down 3% to $155.45. This is despite there being no news out of Australia's largest bank. However, with the big four banks all up strongly over the past 12 months, some investors could have decided to take some profit off the table today. Even after today's pullback, CBA's shares are up over 50% since this time last year. This was despite almost all major brokers describing (and continuing to describe) its shares as being extremely overvalued. For example, Citi has a sell rating and $91.50 price target, implying over 40% downside.

Iperionx Ltd (ASX: IPX)

The Iperionx share price is down 2.5% to $4.39. This morning, this titanium alloys producer announced the successful acquisition of Blacksand Technology's assets and intellectual property portfolio. Management notes that the acquisition secures IperionX's exclusive commercial rights to the patents and proprietary technologies. Its CEO Taso Arima said: "The acquisition of the award-winning intellectual property portfolio is an important milestone for IperionX – delivering direct control of the technologies and innovations that underpin our plans to re-shore an end-to-end, lower-cost U.S. titanium supply chain that is critical to America's economic and national security."

Sayona Mining Ltd (ASX: SYA)

The Sayona Mining share price is down 8.5% to 3.2 cents. This is despite there being no news out of the lithium miner. Though, it is worth noting that Sayona Mining raised capital at 3.2 cents per new share last week. Firm commitments were received from institutional and sophisticated investors to raise $40 million via an underwritten unconditional placement. The company made the move ahead of its proposed merger with Piedmont Lithium (ASX: PLL). It notes that "the Equity Raising will ensure the combined entity has significant balance sheet strength and flexibility and will enable the merged business to progress value-accretive growth opportunities across its diverse project suite."

The post Why ASX, CBA, Iperionx, and Sayona Mining shares are dropping today appeared first on The Motley Fool Australia.

Four ASX shares that are falling more than most today are listed below. Here's why they are dropping:

Accent Group Ltd (ASX: AX1)

The Accent share price is down over 13% to $2.19. This follows the release of a trading update ahead of the footwear retailer's annual general meeting. Accent revealed that its sales growth has slowed since its last update. The HypeDC and The Athlete's Foot owner revealed that for the first 20 weeks of FY 2025, total group owned sales (including wholesale sales) are up 6.8% over the prior corresponding period. This is down from 8.7% growth during the first seven weeks of FY 2025. Management also advised that its gross margin has contracted 70 basis points due to a more promotional trading environment.

Sayona Mining Ltd (ASX: SYA)

The Sayona Mining share price is down 6.5% to 35.5 cents. This has been driven by the completion of a capital raise of approximately $40 million at a 15.8% discount of 3.3 cents per new share. The company is also seeking to raise a further $69 million. However, the latter will be subject to shareholder approval and the completion of its proposed merger with Piedmont Lithium Inc (ASX: PLL). Management believes the "merger marks a transformative step for Sayona and Piedmont, creating a leading North American lithium producer with the scale and capabilities to meet the growing demand for lithium products."

Web Travel Group Ltd (ASX: WEB)

The Web Travel share price is down 3% to $4.37. This business to business travel technology company's shares returned from suspension this morning after revealing the reason for its delayed half year results. The WebBeds owner advised that the delay is because its auditor Deloitte required more time to finalise them. This followed a "requirement to change the application of an accounting standard in respect of the recognition of supplier liabilities." The company adds that "the change has now been determined not to be material to the Company's earnings and financial position."

Weebit Nano Ltd (ASX: WBT)

The Weebit Nano share price is down 11% to $2.98. Investors have been selling this semiconductor company's shares despite there being no news out of it. Though, it is worth noting that the company recently raised a total of $50 million via an underwritten placement to institutional and sophisticated investors at $3.00 per new share. Some investors may have been selling these shares once they were issued to them this morning. These funds will be utilised for increased commercialisation activities as a result of expected new customer and partner agreements, as well as continued R&D to improve the technology.

The post Why Accent, Sayona Mining, Web Travel, and Weebit Nano shares are dropping today appeared first on The Motley Fool Australia.

In morning trade, the lithium miner's shares are down 13% to 3.3 cents.

Why are Sayona Mining shares sinking?

Investors have been selling the company's shares this morning after responding to news that it plans to merge with Piedmont Lithium Inc (ASX: PLL).

According to the release, the two parties have signed a definitive agreement to their operations to create a leading lithium business known for now as MergeCo.

The release notes that the transaction will result in an approximate 50%/50% equity holding of shareholders of Sayona and Piedmont Lithium on a fully diluted basis in MergeCo immediately following its close.

Sayona Mining's CEO and managing director, Lucas Dow, commented:

 This merger marks a transformative step for Sayona and Piedmont, creating a leading North American lithium producer with the scale and capabilities to meet the growing demand for lithium products. We believe our combined resources and expertise will enable us to deliver significant value to our shareholders and stakeholders. We are excited about the opportunities this merger presents to accelerate our growth plans and enhance our strategic flexibility.

This sentiment was echoed by Piedmont Lithium's CEO, Keith Phillips. He said:

This merger combines two complementary businesses and will create a larger and stronger company. MergeCo will be North America's largest lithium producer and will have an attractive growth profile with three DFS-stage development projects and an exciting near-term brownfield expansion opportunity at NAL.

The merger financing, corner-stoned by leading mining private equity group RCF, will enable us to weather the current industry downturn while making intelligent investments in our growth projects to be positioned for the recovery in lithium markets that we expect in the medium-term. MergeCo will be domiciled in Australia, but will maintain a listing on Nasdaq and a strong commitment to our Carolina Lithium project and our U.S. headquarters in Belmont, North Carolina.

Capital raising

In preparation for the deal, Sayona Mining is undertaking a capital raise of approximately $40 million and a conditional placement for $69 million. The latter is subject to completion of the transaction and shareholder approval.

The former is now complete after the company received firm commitments from institutional and sophisticated investors. This will see the issue of approximately 1,250 million new Sayona Mining shares at an offer price of A$0.032 per new share. This represents a 15.8% discount to its last close price.

And with Piedmont undertaking a capital raise of approximately US$27 million, MergeCo is expected to receive a total cash injection of A$149 million should everything go to plan. Management believes this will "ensure MergeCo is well positioned to accelerate growth within its enlarged portfolio."

Commenting on the capital raise, Lucas Dow said:

We are very pleased with the level of support shown by high quality investors, with the strong demand received representing a clear endorsement of the proposed merger combination. By combining with Piedmont and delivering a well-supported financing package, we are creating a premium global lithium hardrock production and development business. The Equity Raising will ensure the combined entity has significant balance sheet strength and flexibility and will enable the merged business to progress value-accretive growth opportunities across its diverse project suite.

Piedmont Lithium shares are down 8% at the time of writing.

The post Sayona Mining shares sink 13% on Piedmont Lithium merger news and capital raise appeared first on The Motley Fool Australia.

Shares in the lithium developer are motionless today, abruptly halting their 15% rally in the last five trading days.

Investors of the Moblan and Authier project owner will undoubtedly hope today's trading halt is in preparation for positive news, considering the company's share price is still down 45% year to date.

The undesirable performance mirrors that of the electrifying material Sayona seeks to produce. Lithium carbonate prices have been slashed in half compared to a year ago.

Why Sayona Mining shares are frozen

Details are sparse at the minute. All we have to go in is a brief release on Sayona's trading halt request.

In correspondence to the Australian Securities Exchange, Sayona made the request in relation to a 'corporate transaction and an associated equity raising'.

Not exactly enlightening, is it?

Coincidentally, fellow ASX lithium developer Piedmont Lithium Inc (ASX: PLL) pulled the handbrake on its share price this morning. Both companies cite the same grounds for halting shares — a corporate transaction and equity raising.

Are the two related?

There's a fair chance the two companies are talking about a common linkage.

Piedmont and Sayona have partnered up on projects such as North American Lithium, Authier, and Tansim Lithium projects. So there's the possibility the equity raising could relate to sourcing funds for further development within its joint venture.

Alternatively, Street Talk has said the deal is Sayona and Piedmont agreeing to merge.

If true, the move would follow in the footsteps of other high-profile mergers in recent history, such as Rio Tinto Ltd (ASX: RIO) and Arcadium Lithium CDI (ASX: LTM).

More equity has its pitfalls

With neither Piedmont nor Sayona yet profitable, the two (possibly combined) are on the hunt for cash.

Rumour has it that $150 million is the target for the equity raising.

Sayona recorded a cash balance of $109 million on 30 June 2024, less than half its annual operating expenses in FY2024. Meanwhile, Piedmont posted a cash pile of US$70.2 million at the end of September, almost double the company's operating expenses.

According to today's release, investors should have more information by Thursday morning, if not sooner. At this point, shareholders will learn how much dilution they're facing from securing more funds.

As the chart above shows, the number of Sayona Mining shares more than doubled in the last few years, pulverising future earnings per share (EPS) for its shareholders.

The Piedmont Lithium share price is also down 57% over the last year.

The post Sayona Mining shares on lockdown ahead of lithium deal tea appeared first on The Motley Fool Australia.

Shares in the All Ordinaries Index (ASX: XAO) lithium producer closed yesterday at 18.5 cents. In morning trade on Tuesday, shares are swapping hands for 20 cents apiece, up 8.11%.

For some context, the All Ords is down 1.0% at this same time.

This outperformance follows the release of Piedmont Lithium's third-quarter 2024 financial results (Q3 2024).

Here are the highlights.

ASX lithium share lifts off on strong production

Investors are bidding up the ASX lithium share after Piedmont reported another new quarterly record for production of around 52,100 dry metric tonnes (dmt) and mill utilisation of 91%.

The miner's lithium recovery was in line with the prior quarter at 67%.

Piedmont also achieved record shipments over the three months of approximately 31,500 dmt of spodumene concentrate (5.4% Li2O).

Quarterly revenue came in at US$27.7 million, down 41% year on year.

The slump in revenue was attributed to an ongoing "difficult market". But the ASX lithium share highlighted that it achieved industry-leading price realisations over the quarter. The company's realised price per ton was US$878.

In other core financial metrics, the miner's gross profit of US$2.7 million was down from US$23.8 million in Q3 FY 2023. The miner reported a net loss of US$16.7 million, well down from the net profit of US$22.9 million in Q3 FY 2023.

Adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) was a loss of US$8.7 million, compared to positive US$16.2 million a year earlier.

Looking to the rest of the year, the ASX lithium share expects to ship approximately 41,000 to 55,000 dmt of spodumene concentrate in Q4. This would bring total shipments to approximately 102,000 to 116,000 dmt in 2024.

Piedmont's flagship project, North American Lithium (NAL), North America's largest operating spodumene mine, continued to achieve quarterly production records over the quarter. NAL achieved steady-state production in June.

As at 30 September, Piedmont held US$64.4 million in cash and cash equivalents.

What did management say?

Commenting on the quarterly results boosting the ASX lithium share today, Piedmont CEO Keith Phillips said, "We are very pleased with the continued quarterly progress at NAL, with new records set in Q3 for production and mill utilisation rates… In addition to the progress in operations, Sayona Mining announced a significant increase to the mineral resource estimate for NAL this quarter."

Phillips added:

On the development side, Ewoyaa made key strides on the regulatory front, and we were heartened by the recent positive news from the US Treasury that should provide material improvement to the economics of Carolina Lithium.

While lithium markets remain challenging, we have been successful in strengthening our financial position through reductions in operating costs, minimized spending on discretionary capital items, and the arrangement of low-cost working capital financing through a trading company partner.

With today's intraday gains factored in, the ASX lithium share is down 50% over 12 months.

The post Guess which ASX lithium share is racing 8% higher on record production appeared first on The Motley Fool Australia.

The Piedmont share price is currently trading at 20 cents per share, up 11.1%.

Let's check out the report.

ASX lithium stock rips 14% on record production news

Piedmont is a part owner of the North American Lithium (NAL) project, which is North America's largest producing spodumene mine. It is located in the Carolina Tin Spodumene Belt of North Carolina.

Piedmont owns 25% of NAL, while its partner, Sayona Mining Limited (ASX: SYA), owns 75%.

According to the report, the NAL produced a record 52,141 dmt of spodumene lithium concentrate in 3Q FY24, a 5% increase from the previous quarter.

In total, 48,992 dmt of lithium concentrate was shipped. Approximately 31,500 dmt of that was sold to Piedmont and shipped to its customers. The average grade was about 5.4% Li2O.

What else happened during the quarter?

Mill utilisation rose to a record high of 91% for the quarter, largely due to the availability of the recently completed crushed ore dome. The lithium recovery rate was 67%.

The company said the increased utilisation rate resulted in a 15% quarter-over-quarter reduction in unit operating costs (when excluding the impact of inventory movements).

Piedmont is targeting shipments of approximately 55,000 dmt of spodumene concentrate in the next quarter and total shipments of approximately 116,000 dmt for 2024.

Its previous annual guidance was 126,000 dmt. However, the company explained that it has rescheduled a planned cargo for Q4 FY24 to early Q1 FY25 following a customer's request.

Piedmont said:

While this single cargo push into early 2025 will cause a nominal adjustment from our prior guidance of 126,000 dmt for 2024, we expect this shift to be accretive to our 2025 shipments totals and does not impact Piedmont's total offtake quantities at NAL.

The company released a graph showing how production has changed since 1Q FY23.

What did management say?

Keith Phillips, President and CEO of Piedmont Lithium, said:

Operational performance continues to improve on a quarterly basis and Sayona's recent announcement of the increase to the Mineral Resource Estimate lays the foundation for a potential growth at NAL in the future.

What's next?

Piedmont hopes to become one of North America's largest lithium hydroxide producers for electric vehicle manufacturing by processing spodumene concentrate mined at its assets around the world.

The company's other assets include a mine in Quebec owned in partnership with Sayona and a mine in Ghana owned in partnership with Atlantic Lithium Ltd (ASX: A11).

ASX lithium stock price snapshot

Piedmont Lithium shares are down by 51% in the year to date and down 55% over the past 12 months.

Piedmont's partner in the NAL project, Sayona Mining, is also having a rough year in terms of share price.

Sayona Mining shares are down 50% in the year to date and down 56% over the past 12 months.

This compares to an 8% rise in the S&P/ASX All Ordinaries Index (ASX: XAO) in the year to date and a 22% increase over the past 12 months.

The post Guess which ASX lithium stock just rocketed 14% on record quarterly production appeared first on The Motley Fool Australia.

And it's not Arcadium Lithium (ASX: LTM), which has been garnering headlines following the $10 billion takeover agreement reached with S&P/ASX 200 Index (ASX: XJO) mining giant Rio Tinto Ltd (ASX: RIO).

Rio Tinto will acquire Arcadium Lithium in an all-cash transaction for US$5.85 (AU$8.71) per share.

Having rocketed 45.7% on Monday amid speculations of a pending takeover offer, Arcadium shares just exited a temporary trading halt and are up 39.1% at $8.22 each.

The other surging ASX lithium stock in question here is Piedmont Lithium Inc (ASX: PLL).

The Piedmont Lithium share price closed yesterday at 18.5 cents. In late morning trade on Thursday, shares are swapping hands for 20.7 each. That puts the Piedmont share price up 11.9% today.

With those gains factored in, the ASX lithium stock is now up 107% in just the past month. Though shares remain down 62% over 12 months.

Here's what looks to be fuelling today's strong run.

ASX lithium stock takes off on permit approval

In a non-price sensitive announcement that nevertheless looks to have stoked interest in the ASX lithium stock, Piedmont Lithium announced that the Minerals Commission of Ghana has issued a Mine Operating Permit for its Ewoyaa Lithium Project.

Ewoyaa is a joint venture project being developed in partnership with Atlantic Lithium Ltd (ASX: A11). The Atlantic Lithium share price is up 13.8% on the news.

The company said that receipt of the permit marked the final regulatory approval required prior to commencing construction of the Ewoyaa Lithium Mine and processing plant. It also represents an important milestone towards reaching a Final Investment Decision (FID).

What did management say?

Commenting on the permit approval that looks to be sending the ASX lithium stock flying higher today, Piedmont COO Patrick Brindle said, "We are very pleased with the issuance on the Mine Operating Permit for the Ewoyaa project."

He added:

We look forward to the future development of the Ewoyaa project in due course, subject to the outcome of the mining lease ratification by the Ghanaian parliament, other ongoing design works, and prevailing market conditions.

Neil Herbert, executive chairman of Atlantic Lithium, said:

Representing the final regulatory approval required by the company before we can commence construction, the issuance of the Mine Operating Permit marks a critical milestone in the permitting process for the Ewoyaa Lithium Project.

With our sights set on achieving first production of lithium in Ghana, we now eagerly await parliamentary ratification of the Ewoyaa Mining Lease. We hope that ratification can occur in the coming sitting, expected to resume on the 15th of this month, which would set us on the path towards construction and operation of this globally significant lithium project.

How are other ASX lithium stocks faring today?

The Rio Tinto takeover agreement with Arcadium at a whopping premium is helping boost most ASX lithium stocks across the board.

As a sample, here's how these miners are tracking today:

• Pilbara Minerals Ltd (ASX: PLS) shares are up 2.3%
• Core Lithium Ltd (ASX: CXO) shares are up 4.3%
• IGO Ltd (ASX: IGO) shares are up 2.0%
• Liontown Resources Ltd (ASX: LTR) shares are up 8.2%
• Sayona Mining Ltd (ASX: SYA) shares are up 9.4%

The post Why this OTHER ASX lithium stock is rocketing higher today appeared first on The Motley Fool Australia.

Shares in the North American lithium producer closed yesterday trading for 2.6 cents. In morning trade on Wednesday, shares are changing hands for 2.8 apiece, up 7.7%.

For some context, the All Ordinaries Index (ASX: XAO) is up 0.3% at this same time.

Today's gains will be welcomed by shareholders who've watched shares in the ASX lithium stock crash 71% over the past year as global lithium markets remain oversupplied and prices subdued.

Investor enthusiasm looks to have been spurred today by Sayona Mining's ASX Small and Mid-Cap Conference presentation.

ASX lithium stock expanding its mineral resources

Among the highlights of FY 2024, a year that saw Lucas Dow appointed as CEO of Sayona Mining, the ASX lithium stock successfully ramped up operations at North American Lithium (NAL).

Sayona Mining owns 75% of NAL, with Piedmont Lithium Inc (ASX: PLL) owning the other 25%.

FY 2024 saw NAL approach steady-state operations. Total concentrate production reached 155,822 dry metric tonnes (dmt) for the full year. May was particularly strong, with a record monthly production of 19,314 tonnes.

Over the 12-month period, spodumene concentrate shipments to customers in the United States and China totalled 157,937 dmt. This led to a maiden full year revenues of $201 million generated by NAL.

However, Sayona Mining still posted a loss after income tax of $119 million, with management pointing to costs relating to NAL depreciation expense and non-cash extraordinary items.

Sayona also highlighted the extensive exploration programs it completed at NAL and its Moblan project in Quebec, along with an initial drill campaign at Tabba Tabba in Western Australia.

The ASX lithium stock expects to complete an additional 70,000 metres of drilling at Moblan and 30,000 metres at NAL by the end of calendar year 2024.

Sayona Mining increased its Mineral Resource at NAL by 51% to 88Mt, with an 81% upgrade at Moblan to 93Mt.

Market conditions and guidance

Looking at the impact of global market conditions, management said, "Current market conditions favour a staged development of upstream assets before progressing into downstream capacity in line with market requirements."

The ASX lithium stock also cautioned that "EV penetration rates have slowed as cost-of-living pressures/inflation and high interest rates have had an impact with global auto volumes 20% below pre-COVID levels."

Management said that while there have been some global supply cutbacks, "the significant investment in lithium at the top of the cycle will impact price recovery in the near-medium term".

On the plus side, Sayona said, "Longer term fundamentals remain strong with market forecasters expecting lithium chemicals deficits from later this decade."

For FY 2025 guidance, the ASX lithium stock forecasts spodumene concentrate production of 190,000 to 210,000 dmt and sales of 200,000 to 230,000 dmt.

On the cost front, the miner expects FY 2025 capital expenditure to be AU$20 million, with exploration expenditure of AU$30 million.

The post Why is this beaten down ASX lithium stock rocketing higher today? appeared first on The Motley Fool Australia.

At the time of writing, the lithium miner's shares are flat at 3.5 cents.

This compares favourably to many of other ASX lithium stocks today.

For example, Pilbara Minerals Ltd (ASX: PLS) shares are down 1.5%, Core Lithium Ltd (ASX: CXO) shares have tumbled 3%, and Liontown Resources Ltd (ASX: LTR) shares are almost 4% lower.

Why are Sayona Mining shares outperforming?

It appears that the release of an announcement this morning has given investor sentiment a boost and kept the lithium miner's shares above water.

According to the release, the results from 36 new drillholes totalling 8,803 metres at its 75% owned North American Lithium (NAL) operation in Quebec, Canada, are demonstrating "the high-grade nature of this strategic asset."

The company notes that all the drilling results from the 2023 exploration program are now complete, validated, and released. Furthermore, the first results from the 2024 exploration drilling program, which is currently underway, are now being reported.

Management believes the 2023 drill program has been successful in demonstrating the potential to increase the mineral resource base at NAL. It highlights that it was designed to test extensions to mineralisation and provide in-fill data for the upgrade of mineral resource categories.

The latest drilling results include the identification of high-grade lithium mineralisation outside the mineral resource estimate (MRE) pit shells. This is particularly the case in the North-West and South-East extensions. It feels this supports the potential conversion of some of the inferred resources to indicated category within the MRE pit shells.

'Superb quality'

Sayona Mining's interim CEO, James Brown, appeared to be very pleased with the strong drilling results. He commented:

We are delighted to have another strong set of drilling results from North American Lithium which continue to highlight the superb quality of this mine. The results reported today have shown that mineralisation continues outside of the existing MRE pit shells so the next key step will be to complete a recalculation of the MRE to include recent drilling. Additionally, we will also complete a further 30,000 metres of drilling throughout 2024 to better understand the full potential of the NAL mineralisation.

The news hasn't been enough to prop up the shares of Piedmont Lithium Inc (ASX: PLL), which owns the remaining 25% interest in the NAL project. Its shares are down 3% to 15 cents at the time of writing.

The shares of both Sayona Mining and Piedmont Lithium remain down over 80% on a 12-month basis.

The post Why are Sayona Mining shares outperforming other ASX lithium stocks today? appeared first on The Motley Fool Australia.

Four ASX shares that are not letting that hold them back are listed below. Here's why they are rising today:

DroneShield Ltd (ASX: DRO)

The DroneShield share price is up 12% to 95.7 cents. This has been driven by the release of a quarterly update from the counterdrone technology company this morning. For the three months, DroneShield reported record first-quarter revenues of $16.4 million. This is up a massive 10x from $1.6 million in the prior corresponding period. Looking ahead, management advised that it has a $27 million contracted backlog and a sales pipeline of over $519 million. Management also advised that following an expansion of DroneShield's Sydney facility and its supply chain network, its current manufacturing capacity is now $400 million per annum.

Ioneer Ltd (ASX: INR)

The Ioneer share price is up 10% to 21.5 cents. This morning, Ioneer revealed that it has moved one step closer towards the construction of its Rhyolite Ridge Lithium-Boron site. This follows the Bureau of Land Management's (BLM) planned issuance of the project's draft Environmental Impact Statement (EIS). Ioneer notes that the pending release of this draft EIS is the first to be issued from the Biden Administration as part of its efforts to accelerate domestic lithium production. It marks a key milestone in the environmental permitting review process for the proposed greenfield project in Nevada, which management notes is set to inject a critical supply of integral transition materials into the U.S. EV battery production supply chain.

Piedmont Lithium Inc (ASX: PLL)

The Piedmont Lithium share price is up 36% to 28 cents. Investors have been fighting to get hold of this ASX lithium miner's shares today after it received a mining permit for the Carolina Lithium project in the United States. Approval was granted almost three years after its application was submitted. Management said: "We plan to develop Carolina Lithium as one of the lowest cost, most sustainable lithium hydroxide operations in the world, and as a critical part of the American electric vehicle supply chain."

Talga Group Ltd (ASX: TLG)

The Talga share price is up 5.5% to 77.5 cents. This has been driven by the release of the battery materials and technology company's front-end engineering and design (FEED) study for its integrated Vittangi Anode Project in northern Sweden. Talga CEO, Martin Phillips, commented: "The completion of the FEED is a key step in our execution plan and we are very pleased with the results of the process."

The post Why DroneShield, Ioneer, Piedmont Lithium, and Talga shares are racing higher appeared first on The Motley Fool Australia.

In morning trade, the ASX lithium stock is up 32% to 27 cents.

Why is this ASX lithium stock rocketing?

Investors have been buying Piedmont Lithium shares this morning in response to a major announcement relating to its Carolina Lithium project in the United States.

According to the release, the North Carolina Department of Environmental Quality's (NCDEQ) Division of Energy, Mineral, and Land Resources (DEMLR) has issued an approval of its mining permit for the construction, operation, and reclamation of the proposed lithium project.

The release notes that DEMLR provided the permit approval following a thorough review of the application submitted by Piedmont Lithium all the way back in August 2021.

This news will no doubt be a very big relief for shareholders. That's because there has previously been speculation that it wouldn't be approved after locals fought hard against it.

'An exciting day'

The ASX lithium stock's president and CEO, Keith Phillips, appeared to be delighted with the news. He said:

This is an exciting day for all of us at Piedmont Lithium. I would like to thank the leadership and staff at NCDEQ and DEMLR for their diligence in the process, as well as the members of our team who worked rigorously for more than two and a half years to ensure that every aspect of the Project met the state's high standards for approval.

Phillips also highlights that the project is well-positioned in the current environment thanks to its low costs. He also believes the project is highly strategic. The CEO adds:

We plan to develop Carolina Lithium as one of the lowest cost, most sustainable lithium hydroxide operations in the world, and as a critical part of the American electric vehicle supply chain. The Project is expected to contribute billions of dollars of economic output and several hundred jobs to Gaston County and North Carolina's growing electrification economy.

Carolina Lithium is a highly strategic project. Located within both the renowned Carolina Tin-Spodumene Belt and the U.S. Battery Belt, the Project is being designed as a fully integrated mining, spodumene concentrate, and lithium hydroxide manufacturing operation. There are currently no such integrated sites operating anywhere in the world, and the economic and environmental advantages of this strategy are compelling.

Despite today's strong gain, this ASX lithium stock remains down by two-thirds over the last 12 months.

The post Why is this ASX lithium stock rocketing 32% today? appeared first on The Motley Fool Australia.

At the time of writing, the lithium miner's shares are up 12% to 4.25 cents.

This compares very favourably to the performance of the ASX 200 index, which is up 0.5% at the time of writing.

Why are Sayona Mining shares jumping?

Investors have been buying the company's shares this afternoon following the release of an announcement after lunch.

That announcement was in relation to its operational review of the North American Lithium (NAL) operation.

According to the release, following a detailed review of the NAL operation and a range of operating scenarios, the joint venture partners have agreed to continue its ramp-up towards steady state production with regular reviews of operating costs and market conditions.

NAL is jointly owned by Sayona Mining, which has a 75% interest, and Piedmont Lithium Inc (ASX: PLL), which holds the remaining 25% interest.

Judging by the way Sayona Mining shares are surging today, investors appear to have been fearing the worst. Especially after Core Lithium Ltd (ASX: CXO) suspended its mining operations.

And while the joint venture partners did evaluate various care and maintenance scenarios covering options to either slow down or cease mining, process existing stocks only, and suspend operations for up to 12 months, it ultimately decided that the ramp-up towards steady state production was the right path to take.

'Positioning Sayona for long-term success'

Sayona Mining's interim CEO, James Brown, was pleased with the review. He commented:

The NAL operational review was a critical exercise to ensure we are optimising our resources and positioning Sayona for long-term success. Importantly, there is clear line of sight towards achieving steady state production in 2024, while NAL will further benefit from capital improvements such as the Crushed Ore Dome. Process plant recoveries have exceeded expectations, a significant milestone in any ramp-up, with multiple new daily production records achieved in March.

Throughout this process, a key consideration was the direct impact on our dedicated workforce and host communities. This review has also validated our approach to continue to assess capital improvement initiatives that will increase production or lower unit operating costs.

Brown advised that he believes this approach will maximise value for shareholders when the lithium market recovered. He adds:

Looking forward, we will regularly evaluate NAL operations in the ordinary course of business based on prevailing market conditions and the ability to achieve our operating cost targets. We are confident that this approach to considering alternatives and maintaining optionality will enable Sayona to maximise value for shareholders ahead of an anticipated recovery in the lithium market.

The post Why are Sayona Mining shares jumping 12% today? appeared first on The Motley Fool Australia.

In morning trade, the lithium miner's shares are up 12% to 23.5 cents.

What's going on with Core Lithium shares today?

Investors have been scrambling to buy the company's shares this morning despite there being no news out of it.

However, it is worth noting that Core Lithium isn't the only ASX lithium share that is recording a strong gain today. Here's a quick summary of some of the movers and shakers in the industry on Friday:

• Arcadium Lithium (ASX: LTM) shares are up 8%
• Lake Resources N.L. (ASX: LK) shares have also jumped 8%
• Liontown Resources Ltd (ASX: LTR) shares are up 4%
• Piedmont Lithium Inc (ASX: PLL) shares have surged 9%
• Pilbara Minerals Ltd (ASX: PLS) shares are up 4%
• Vulcan Energy Resources Ltd (ASX: VUL) shares are 6% higher

Why are ASX lithium shares rising?

Today's gains by Core Lithium's shares appears to have been driven by a strong night for lithium stocks on Wall Street overnight.

This saw Sociedad Quimica y Mineral de Chile SA (NYSE: SQM) shares jump 8% and Albemarle Corporation (NYSE: ALB) shares rise 4.5%.

The driver of these gains was news that the lithium carbonate price in China climbed to its highest level in almost three months.

According to Reuters, the July lithium carbonate contract jumped as much as 7.5% to 112,250 yuan (US$15,592.66) per metric tonne. This is its highest level since 11 December.

Investors appear to believe that this could be a sign that lithium prices have now bottomed and are on the road to recovery.

However, it is worth noting that SQM has just announced that it plans to push ahead with its lithium expansions despite the market being oversupplied. So, investors may want to keep an eye on lithium prices in the coming weeks and months to see if this is just a temporary recovery or something more sustainable.

The post Why are Core Lithium shares jumping 12% on Friday? appeared first on The Motley Fool Australia.

Four ASX shares that are acting as a drag on proceedings today are listed below. Here's why they are falling:

Clinuvel Pharmaceuticals Limited (ASX: CUV)

The Clinuvel share price is down 8% to $15.01. This morning, this biopharmaceutical company released its half-year results and reported a 10% increase in revenue but a 4% decline in net profit after tax. This profit decline reflects a "controlled 28% expenses increase."

Medibank Private Ltd (ASX: MPL)

The Medibank share price is down 4.5% to $3.69. Investors have been selling the private health insurer's shares following the release of its half-year results. Medibank reported a 3.3% lift in revenue to $4,024 million and a 16.3% increase in underlying net profit after tax to $262.5 million. The latter was slightly below the consensus estimate of $265.7 million.

Sayona Mining Ltd (ASX: SYA)

The Sayona Mining share price is down 26% to 4.7 cents. This has been driven by news that its largest shareholder, Piedmont Lithium Inc (ASX: PLL), has offloaded its entire stake in the lithium miner. Piedmont Lithium agreed to sell 1,152.2 million Sayona Mining shares for a deep discount of 5.2 Australian cents per share, bringing in proceeds of $59.9 million.

Tabcorp Holdings Ltd (ASX: TAH)

The Tabcorp share price is down 15% to 61.5 cents. This gambling company's shares are crashing today after investors responded negatively to its half-year results. Tabcorp reported a 5% decline in revenue to $1,210 million and a loss after tax of $636.8 million. The latter was driven by a non-cash impairment charge of $731.9 million after tax to its wagering and media business.

The post Why Clinuvel, Medibank, Sayona Mining, and Tabcorp shares are sinking today appeared first on The Motley Fool Australia.

In morning trade, the lithium miner's shares are down 19% to 5.2 cents.

Why is the Sayona Mining share price sinking?

Investors have been hitting the sell button today after Piedmont Lithium Inc (ASX: PLL) revealed that it has offloaded its entire holding in the company.

According to the release, Piedmont Lithium has agreed to sell 1,152.2 million Sayona Mining shares for 5.2 Australian cents per share through a secondary block sale via Canaccord Genuity. The sale will result in gross proceeds of approximately $59.9 million, or US$39.4 million.

While its selling price represents a premium to the 20-day volume weighted average price (thanks to a recent rally), it is still a huge discount to where the Sayona Mining share price last traded.

The lithium miner's shares ended Wednesday's session at 6.4 cents, which means the sale price is a whopping 18.75% discount.

Following this transaction and some smaller recent public market share sales, Piedmont advised that it will no longer hold any shares of Sayona. But, importantly, the sale has no impact on Piedmont's joint venture or offtake position with Sayona Quebec.

Why is it selling?

Management advised that the decision to divest its Sayona Mining shares aligns with its commitment to maintaining a prudent balance sheet while simultaneously minimising dilution of Piedmont's shareholders.

It believes this action strategically positions Piedmont for the long term. CEO Keith Phillips said:

This transaction underscores our commitment to delivering long-term value for Piedmont shareholders. We acquired our initial Sayona shares as part of our strategic investment in the Sayona Quebec joint venture and will recognize a meaningful gain on the investment.

We remain fully committed to our joint venture with Sayona, with a particular focus on the ongoing ramp up of North American Lithium, the largest lithium operation in North America. Our 25% joint venture interest and associated offtake agreement are core assets of Piedmont, and we look forward to continuing to work closely with our partners at Sayona to supply IRA-qualified lithium resources critical to the U.S. electric vehicle supply chain.

The post Sayona Mining share price crashes 19% after Piedmont Lithium says sayonara appeared first on The Motley Fool Australia.